RBZ investigates release of wads of cash 

Source: RBZ investigates release of wads of cash | The Herald November 14, 2019

RBZ investigates release of wads of cashDr Mangudya

Herald Reporters

The Reserve Bank of Zimbabwe has instituted investigations to establish the bank that issued out large sums of new bank notes.

The $2 notes are now circulating on social media, with citizens questioning the integrity of the bank that released the money. Critically, skeptics are beginning to doubt that the issuance of new notes and coins by the RBZ will solve the prevailing shortage of physical cash.

After sending him the picture of new notes circulating on social media, Dr Mangudya told The Herald that the central bank will investigate the matter. He said the issuing bank will be fined heavily.

“Preliminary evidence suggests the money was released through the formal banking system and the perpetrator will be heavily fined,” said Dr Mangudya.

The beneficiary of the notes suspected to have been corruptly released shielded serial numbers on the bulk of the notes except for a few.
It is thought that the money is used by cartels in the banking sector to oil the illegal market for forex. Further, the money is offloaded to mobile money agents who charge ridiculous premiums that had gone up 60 percent if one wanted to swap their RTGS for physical cash.

COMMENTS

WORDPRESS: 2
  • comment-avatar
    dr solomon 4 weeks ago

    It’s time for loud and clearly visible action. It’s also time to dig deeper to establish the size of this iceberg that has been tormenting the poor for so long. An example needs to be set once and for all. Enough. the nation is weeping and has been for a very long time, so loud that there is noise the world over. How is it that such amount can be recorded against one customer while the ceo and board have sound sleep? Are they still there in post even after this?

  • comment-avatar
    Cynical 4 weeks ago

    It can only be a greedy Minister or zanu-pf bigwig. They constantly have their pig noses in the feeding trough.Nothing will happen, it will be swept under the carpet like everything else.